Reliance Global Group Inc Stock Price, News & Analysis

Reliance Global Group, Inc. (NASDAQ: RELI; RELIW) announced a conference call scheduled for March 30, 2023, at 4:30 PM ET to discuss its 2022 financial results and provide a business update. The call can be accessed via telephone or webcast, with a replay available on the company’s investor relations website until March 30, 2024. Reliance combines artificial intelligence and cloud-based technologies to enhance the traditional insurance model, focusing on its B2B InsurTech platform, RELI Exchange, and B2C platform, 5MinuteInsure.com, aimed at improving insurance quote accessibility.

Reliance Global Group, Inc. (NASDAQ: RELI; RELIW) has successfully completed a private placement of common stock and warrants, raising capital for general working purposes. The offering included the sale of 155,038 shares of common stock and 897,594 pre-funded warrants, totaling 2,105,264 shares underlying the common warrants. Each unit was sold at an effective price of $3.80, while the common warrants are set to be exercisable at an initial price of $3.55 per share six months after issuance, expiring in five and a half years. The capital raised will be directed towards operational needs as Reliance continues to blend AI technology with traditional insurance services.

Reliance Global Group, Inc. (Nasdaq: RELI; RELIW) announced preliminary revenue guidance for the 2022 fiscal year, projecting revenues exceeding $16.5 million, marking a growth of over 70% compared to 2021. This rise is attributed to the performance of its subsidiaries, particularly following the acquisition and rebranding of Barra & Associates as RELI Exchange. The company aims to leverage the RELI Exchange InsurTech platform for further growth. Looking into 2023, Reliance expects this platform to significantly drive organic growth and enhance shareholder value.

Reliance Global Group (NASDAQ: RELI, RELIW) announced the launch of RELI University, an innovative training platform for its agency partners. Designed to enhance the skills of both new and experienced agents, RELI University offers a range of educational tools, including weekly sales and marketing videos, real-time updates on industry developments, and mentorship opportunities. With over 200 agency partners engaged, the platform aims to boost productivity and foster collaboration within the RELI Exchange community. The initiative aligns with Reliance Global's growth strategy, integrating AI technology to improve the traditional insurance agency model.

Reliance Global Group, Inc. (Nasdaq: RELI; RELIW) announced that its RELI Exchange platform has surpassed 200 agency partners, marking a more than 200% growth since its launch in July 2022. This achievement underlines the company's commitment to leveraging AI and cloud technologies within the insurance sector. Furthermore, Reliance confirmed no bank exposure to failed institutions like Silicon Valley Bank or Signature Bank. This news may bolster investor confidence as it reflects both operational growth and risk management.

Reliance Global Group, Inc. (NASDAQ: RELI; RELIW) announced a private placement to raise approximately $4.0 million through the sale of 155,038 shares of common stock and 897,594 pre-funded warrants. The securities are priced at an effective purchase price of $3.80 under Nasdaq rules, with closing expected on March 16, 2023. Proceeds will be used for general working capital. The company is advised by EF Hutton for this placement, and the securities will only be offered to accredited investors. Reliance aims to innovate in InsurTech by integrating AI with traditional insurance services.

Reliance Global Group, Inc. (Nasdaq: RELI; RELIW) announced on March 9, 2023, that it has regained compliance with Nasdaq's minimum bid price requirement. Mr. Ezra Beyman, CEO, highlighted the significance of maintaining the listing for enhancing shareholder value and ensuring long-term success. The company focuses on transforming the insurance agency model through a blend of artificial intelligence and traditional agency practices, aiming for organic growth in its agency portfolio. Reliance is also pushing forward with its platforms, 5MinuteInsure.com and RELI Exchange, designed to enhance competitive insurance quoting and provide business tools for agents.

Reliance Global Group, Inc. (Nasdaq: RELI; RELIW) announced a 1-for-15 reverse stock split, effective February 23, 2023, to comply with the Nasdaq minimum bid price requirement of $1.00. This move reduces outstanding shares from approximately 20 million to 1.3 million without changing shareholder ownership percentages. CEO Ezra Beyman emphasized the split's role in enhancing market perception and combating unethical trading practices. Despite challenging market conditions, the company reported a 170% increase in independent agents since May 2022, now totaling 176 agents. Reliance remains committed to maximizing shareholder value and building its InsurTech platform.

Reliance Global Group, Inc. (Nasdaq: RELI; RELIW) announced the conversion of $645,000 from a $1.845 million loan at $0.64 per share, above the market price of $0.55. This conversion, made by CEO Ezra Beyman, results in 1,009,390 new common shares and reduces the loan balance to $1.2 million. The loan, initially issued on September 13, 2022, has a 0% interest rate for the first six months and 5% thereafter, maturing on January 15, 2026. Beyman emphasized his alignment with shareholders and confidence in the company's future growth, particularly with the RELI Exchange platform.